Section 1098E | Updating duties of authorised corporate service providers ^F1

(1)A person who is an authorised corporate service provider must notify the registrar of any change in its supervisory authority or authorities for the purposes of the Money Laundering Regulations within the period of 14 days beginning with the date on which the change occurs.

(2)Where the change is the result of an agreement under regulation 7(2) of the Money Laundering Regulations, for the purposes of this section the change is not to be treated as having occurred until the authority that has agreed to act notifies the person or publishes the agreement under regulation 7(3).

(3)A person who, without reasonable excuse, fails to comply with this section commits an offence.

(4)Where the offence is committed by a firm, every officer of the firm who is in default also commits the offence.

(5)A person guilty of an offence under this section is liable on summary conviction—

(a)in England and Wales, to a fine;

(b)in Scotland or Northern Ireland, to a fine not exceeding level 5 on the standard scale and, for continued contravention, a daily default fine not exceeding one-tenth of level 5 on the standard scale.

(6)In this section “Money Laundering Regulations” and “supervisory authority” have the meanings given by section 1098B(8).